Saskia Van Der Mast and Hayo Afman, the co-CEOs of the Dutch family fund DOB Equity, have stepped down, throwing open the leadership of one of the largest private equity funds in East Africa. Der Mast and Afman led the fund for 19 and 9 years.

Coen Boevé, the fund’s chief finance officer, will take over the day-to-day running of the firm while DOB Equity begins the search for a replacement for the two.

“During their tenure, Saskia and Hayo have been instrumental in driving the growth and success of DOB Equity and shaping the landscape of impact investment in East Africa,” the fund said on Monday.

Under Saskia and Hayo, the family-owned fund doubled its Kenyan portfolio with investments in local startups and acquiring mid-sized agribusiness, retail, energy, and education companies.

It has invested in Twiga Foods, M-Kopa, and low-cost private school Bridge International Academies.

Others include Kenya-based health tech Ilara Health, which recently secured $4.2 million in a funding round led by DOB Equity, and tilapia producer Victory Farms, which raised $35 million last year.

“They have grown the portfolio from the first investment in 2007 to over 30 impactful companies to date, winning multiple awards, amongst others, for best Impact Investment Firm by the East Africa Venture Capital and Private Equity Association,” DOB Equity said.

Recently, the firm has featured in several high-profile fundraising for mid-sized firms and local startups as a funding winter hit the ecosystems on the back of mass exits of other investors for greater gains on investments in advanced economies.

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